Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
Diamondback Energy (FANG)
Founded in 2007, Midland, TX-headquartered Diamondback Energy, Inc. is an independent oil and gas exploration & production company with its primary focus on the Permian Basin, where it has more than 490,000 net acres. Its activities are concentrated in the Wolfcamp, Spraberry and Bone Spring formations.
FANG sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is up 3.6% and up 12% over the past one-week and four-week period, respectively, and Diamondback Energy has gained 44.3% in the last one-year period as well. Additionally, an average of 1,375,894 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.16 to $18.36 per share. FANG boasts an average earnings surprise of 0.7%.
FANG should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report
